| Attaining homeownership is a great goal. If you have a | | | | credit card companies will be hesitant to approve your |
| good credit rating, reaching this goal is easy. On the | | | | loan request. Thus, a secured credit card may be your |
| other hand, if you have a few credit blemishes or filed | | | | best option. If applying for a secured card, you are |
| a recent bankruptcy, you may have to delay | | | | required to provide a down payment. For example, if |
| homeownership until your credit situation improves. | | | | you offer a $500 down payment, then your credit limit |
| Several lenders specialize in bad credit mortgages, and | | | | will be $500. |
| offer loans to people after bankruptcy. However, | | | | After acquiring a credit card, maintain current |
| before accepting an offer, consider the following | | | | payments. Keep balances low, and try to payoff the |
| points. | | | | balance each month. |
| When was the Bankruptcy Discharged? | | | | A good payment history will increase your credit |
| There is no mandatory waiting period for obtaining a | | | | score. Soon, you will qualify for unsecured credit cards. |
| mortgage after bankruptcy. Those who are eager to | | | | Try and get approved for three new credit accounts. |
| purchase a home may get a loan immediately | | | | As your credit improves, so do your chances for |
| following their discharge. Unfortunately, this may not be | | | | getting a low rate mortgage. |
| the best plan. Mortgage interest rates following a | | | | Choosing a Good Mortgage Lender |
| bankruptcy are outrageously high, which may greatly | | | | Depending on your credit rating, you may get |
| increase your mortgage payment. In fact, mortgage | | | | approved for either a prime or sub prime loan. Prime |
| and credit experts may encourage you to wait at | | | | mortgage loans are offered to individuals with excellent |
| least 24 month before applying for a home loan. By | | | | credit. On the contrary, sub prime loans are intended |
| doing so, you have the opportunity to receive a | | | | for those with lower credit scores. Prior to applying for |
| comparable low interest rate on your home loan. | | | | a loan, request an online quote from a mortgage |
| Have You Established New Credit Accounts? | | | | broker. Based on your credit information, a broker will |
| To rebuild your credit, it is important to open new credit | | | | provide multiple quotes from sub prime or prime |
| accounts and re-establish credit. Because of a low | | | | lenders. |
| credit score following a bankruptcy, some lenders, or | | | | |